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Jefferies initiates coverage of AvePoint (AVPT) with a Buy rating and $22 target, citing the company's strategic positioning in the data protection market and its well-suited solutions for addressing AI-related complexities. AvePoint reported Q1 revenues of $93.1 million, a 25% YoY increase, and SaaS revenue growth of 34% YoY. The company also raised full-year revenue guidance to $397.4-$405.4 million, a 20%-23% increase, and full-year ARR guidance to $411.8-$417.8 million, a 26%-28% increase.

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